DOJ Foils Son of BOSS Tax Shelter Scheme

The U.S. Court of Federal Claims ruled against a family's attempt to avoid taxes on $204 million in gain realized on the sale of their business by using a tax shelter.

Members of the Welles family sold stock in Toledo-based Therma Tru Corp. in 2000, and paid $8 million to three tax shelter promoters for a "Son of BOSS" tax shelter involving digital foreign currency options, according to the Justice Department.